<ARTICLE>                     5
<LEGEND>
     THE SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION EXTRACTED FROM CALPINE
     CORPORATION'S CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1997 AND
     FROM THE  CONDENSED  CONSOLIDATED  STATEMENT  OF  OPERATIONS  FOR THE THREE
     MONTHS  ENDED MARCH 31, 1997 AND IS  QUALIFIED IN ITS ENTIRETY BY REFERENCE
     TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                         0000916457
<NAME>                        Calpine Corporation
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. Dollars
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   MAR-31-1997
<EXCHANGE-RATE>                                1
<CASH>                                            96,164
<SECURITIES>                                       4,501
<RECEIVABLES>                                     22,198
<ALLOWANCES>                                           0
<INVENTORY>                                        2,674
<CURRENT-ASSETS>                                 146,082
<PP&E>                                           786,737
<DEPRECIATION>                                   111,323
<TOTAL-ASSETS>                                 1,014,766
<CURRENT-LIABILITIES>                             77,482
<BONDS>                                          554,303
<PREFERRED-MANDATORY>                                  0
<PREFERRED>                                            0
<COMMON>                                              20
<OTHER-SE>                                       199,483
<TOTAL-LIABILITY-AND-EQUITY>                   1,014,766
<SALES>                                           33,687
<TOTAL-REVENUES>                                  39,231
<CGS>                                             28,739
<TOTAL-COSTS>                                     30,589
<OTHER-EXPENSES>                                       0
<LOSS-PROVISION>                                       0
<INTEREST-EXPENSE>                                12,977
<INCOME-PRETAX>                                   (7,106)
<INCOME-TAX>                                      (3,066)
<INCOME-CONTINUING>                               (4,040)
<DISCONTINUED>                                         0
<EXTRAORDINARY>                                        0
<CHANGES>                                              0
<NET-INCOME>                                      (4,040)
<EPS-PRIMARY>                                      (0.20)
<EPS-DILUTED>                                      (0.20)